AIG not looking so good:
Posted by: crudeoil24 Date: Tuesday, September 16, 2008 9:28:39 PM
In reply to: BlackSwanster who wrote msg# 6686 Post # of 6708
OUCH!...AIG shareholders>
By Hugh Son, Craig Torres and Erik Holm
Sept. 16 (Bloomberg) -- American International Group Inc., the biggest U.S. insurer by assets, has been offered an $85 billion U.S. loan in return for an 80 percent stake in the company, according to a person familiar with the situation.
BUT!!!!!! Shareholders will be wriped out!!
While debt holders and financial markets may be helped by the U.S. plan, AIG shareholders will lose most of their stake in the company.
Former CEO Maurice ``Hank'' Greenberg, who remains one of the company's biggest stakeholders, said the company needed a bridge loan instead of a plan that put the company under government control.
